The Citi Simplicity® Card Review

If you need a credit card with no annual fee, no late fees and a low interest rate, then the Citi Simplicity® Card, a Credit Cards Explained advertiser, is just what you’re looking for. This card boasts an impressive introductory interest rate as well as no late fees or penalty APR if you miss a payment.

Citi Simplicity Credit Card

The Citi Simplicity card is the only credit card that offers members no late fees, no penalty fees and no annual fee. As a cardmember, you’ll enjoy 0% interest for the first 21 months on balance transfers from the date of the first transfer (then a varibale APR of 16.24% - 26.24%* (Variable), based on your creditworthiness, applies). This industry leading 0% introductory rate applies to transfers made within the first 4 months of account opening. There is a $5 or 5% balance transfer fee.

You also receive a 0% introductory APR on purchases for 12 months from when you open the account. After the intro period ends, the varibale APR of 16.24% - 26.24%* (Variable), based on your creditworthiness, applies.

In addition, you won’t be penalized with fees or a higher interest rate if you accidentally miss a payment. Missing a payment will still affect your credit score so it's important to strive to pay your credit card bill on time. However, it is nice to know that if a payment date is missed you won’t have to pay a late fee.

Features

No annual fee

No late fee or penalty rate assessed if you miss a payment

0% intro APR for the first 21 months on balance transfers (then an APR of 16.24% - 26.24%* (Variable), based on your creditworthiness, applies)

0% intro APR on purchases for 12 months (then an APR of 16.24% - 26.24%* (Variable), based on your creditworthiness, applies). Great for paying off large purchases with the 0% APR period

Low interest rate after introductory rate period

Customer Benefits

Cardmembers of the Citi Simplicity Card will enjoy some extra time to pay down the balance of large purchases with the 0% interest rate for the first 21 months of opening an account. To see how much you can save, let’s say you have a $10,000 balance on a credit card at a 20% interest rate. By transferring your credit card balance to the Citi Simplicity Card and paying off the balance during the 21 month 0% introductory interest rate, you could save $3,000 in interest fees. While the 5% balance transfer fee would be $500, it is still worth the massive $3,000 savings.

Drawbacks

If you have a poor credit rating it may be difficult to be approved for the Citi Simplicity Card. Also, some might be tempted to skip a payment because there are no late fees or penalty rates attached to missing a payment. While you won’t have to pay any fees or interest, payments more than 30 days late can negatively impact your credit score.

Here are a few other drawbacks:

Offers no rewards or points on purchases

Charges a 5% balance transfer fee (or $5, whichever is greater)

Bottom Line

The Citi Simplicity Card is not for everyone, but if you’re interested in no annual fees, no late fees and no penalty fee ever, then this card is perfect for you. There are some better cards out there that offer cash back rewards and more perks, but if you're looking for a balance transfer offer, with no annual fee and an impressive 21 month 0% interest period, you can’t go wrong.

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ABOUT THE AUTHOR

Carrie Smith is a financial writer and founder of Careful Cents, a blog and community aimed at helping freelancers overcome financial mountains. Her mission is to focus on building client-based businesses through meaningful relationships. She's been featured and published in Glamour Magazine, The Huffington Post, Inc and many other media outlets. Learn more about her and connect with her in real time on Twitter @carefulcents.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.

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Credit scores are for guideline purposes and do not guarantee approval. Your personal financial situation and lender terms and conditions can impact credit approval.

EDITORIAL NOTE

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.